Double Excess Coverage

Double Excess Coverage

Definition

A provision within directors and officers (D&O) liability policies covering an insured director's or officer's work in conjunction with an outside firm, usually a nonprofit organization. When "outside directorship liability" coverage is written on a double excess basis, the policy will be required to pay claims only after: (1) the outside organization's D&O insurer pays the claim and (2) the outside firm is financially unable to reimburse the director or officer for the claim.

Related Terms

The coverage provided by directors and officers (D&O) liability policies for service on boards of directors outside the insured firm. Typically, such coverage only extends to service on the boards of nonprofit, rather than for-profit companies. Outside directorship liability coverage is found within the majority of corporate D&O liability policies and is written on either a double excess or a triple excess basis.

A provision of coverage included within directors and officers (D&O) liability policies covering an insured director's or officer's work in conjunction with an outside firm, usually a nonprofit organization. When "outside directorship liability" coverage is written on a triple excess basis, the policy will be required to pay claims only after: (1) the outside organization's D&O insurer pays the claim, (2) the outside organization is financially unable to reimburse the director or officer for the claim, and (3) the insured organization is unable to reimburse the director or officer for the claim.

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